交叉持股与供应链中的退货行为研究

Cross-Holding and Return Behaviors in Supply Chains

摘要: 在消费者退货与制造商回购政策并存的供应链环境中，如何通过资本结构设计实现风险共担与决策协调，是提升供应链效率的重要议题。本文构建一个制造商主导的Stackelberg博弈模型，系统分析交叉持股对双向退货策略的影响机制。不同于既有研究中将零售商残值设定为外生极低水平，本文允许零售商在无制造商支持下仍可通过二级市场等方式获得残值收益，从而使退货决策成为内生阈值选择。研究发现：(1) 在无交叉持股情形下，零售商是否提供退货取决于残值与匹配概率所决定的临界条件；(2) 交叉持股通过改变利润函数权重结构扩大了退货策略的可行区间；(3) 制造商持有零售商股份比例显著提升制造商及供应链利润，而零售商持有制造商股份比例在领导–跟随结构下被制造商的定价策略内生吸收，不影响均衡结果。本文揭示了资本结构与运营策略之间的内在联动机制，为设计“股权 + 运营”一体化供应链联盟提供了理论依据。

Abstract: In supply chain environments where consumer return policies coexist with manufacturer buyback programs, how to achieve risk sharing and decision coordination through capital structure design is a critical issue for enhancing supply chain efficiency. This paper constructs a manufacturer-led Stackelberg game model to systematically analyze the impact mechanism of cross-shareholding on bilateral return strategies. Unlike existing studies that treat retailer salvage value as an exogenously determined extremely low level, this paper allows retailers to obtain salvage value returns through secondary markets and other channels even without manufacturer support, thereby making return decisions an endogenous threshold choice. The findings reveal that: (1) In the absence of cross-shareholding, whether retailers offer return services depends on a critical condition determined by salvage value and matching probability; (2) Cross-shareholding expands the feasible range of return strategies by altering the weight structure of profit functions; (3) The manufacturer’s shareholding ratio in the retailer significantly improves manufacturer and supply chain profits, while the retailer’s shareholding ratio in the manufacturer is endogenously absorbed by the manufacturer’s pricing strategy under the leader-follower structure, exerting no impact on equilibrium outcomes. This paper uncovers the intrinsic linkage mechanism between capital structure and operational strategies, providing theoretical foundations for designing integrated supply chain alliances that combine “equity + operations”.